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Last Modified : Nov 27, 2007 1:52 PM
Differential Rate Of Interest Scheme
 
Purpose Processing Charges
Eligibility Margin
Security Repayment
Amount of Loan Target Under the Scheme
Rate of Interest DRI Beneficiaries
Fair Practice Code on Lenders Liability
 
Purpose

This scheme offers need based financial assistance to those who intend taking up any productive activity and has been tailored for persons whose income is very low. This scheme is meant for :

  1. Persons belonging to SC/STs, Adivasis engaged in agricultural operations and/ or allied activities
  2. Persons engaged in collection of forest products, fodder and selling these in markets. 
  3. Persons engaged in Village and Cottage Industries on a very small scale.
  4. Indigent students aspiring to pursue higher studies. 
  5. Physically handicapped persons.
  6. Institution of physically handicapped for their productive activities.
  7. Orphanages, Women's Homes where saleable goods are made. 
  8. State Level Corporations working for welfare of SC/ST.
  9. Co-operative Societies, large sized multi-purpose societies organised specially for the benefit of tribal population in areas identified by Government of India.
Eligibility

Loans are granted to any person whose :

  1. Family income from all sources is not more than Rs.7,200/- p.a. in metropolitan/ urban/ semi-urban areas or Rs.6,400/- p.a. in rural areas.
  2. Land holding does not exceed 1.25 acres of irrigated land or 2.5 acres of dry land. Land holding criteria does not apply to SC/ST borrowers.
Security

Hypothecation of assets created out of the loan only. Collateral security or third party guarantee should not be taken.
 
Amount of Loan

Composite loan upto Rs. 15,000/- & housing loan upto Rs.20,000/- .
 

Rate of Interest

4.00% p.a
 
Margin

No margin money is required to be provided by the borrower
 
Repayment

Repayment period for term loan is up to 5 years
 
Target Under the Scheme

1% of the previous years advances should be granted under the scheme.

Out of total DRI advance 40% should be granted to SC/ST beneficiaries and not less than 66.66% Of the DRI advances should be routed through Rural and Semi-urban branches.
 
DRI Beneficiaries

DRI Advances :

DRI beneficiaries are those who are given loans and advances @ 4% p.a. for individuals engaged in cottage and rural industries viz. Basket makers, blacksmiths, broom makers, carpenters, cobblers, cycle repairers, fire wood sellers, fish vendors, glass bangle sellers, handicrafts, hawkers, leather farmers, mat makers, pan shops and tobacco merchants, papad makers, potters, roadside tea stall cum eating houses, rope makers, sellers of eatable's, tailors, teri-makers, vegetable vendors, home delivery service or article and commodities of daily use, driving one's own manual rickshaw or cycle rickshaw etc. and Persons belonging to SC/ST engaged on a very modest scale in agriculture and/or allied agricultural activities like dairy, poultry, goat rearing, bee keeping etc. Further, persons physically engaged in the field of cottage and rural industries and vocation such as spraying of pesticides and poor and needy students of merit going for higher education who do not get scholarships/maintenance grants from Government or educational authorities, physically handicapped persons pursuing gainful employment could also be financed under the scheme.

In addition to the individual beneficiaries mentioned above, the following institutional beneficiaries are also covered under DRI scheme.

  1. Orphanges and Women's homes
  2. Institutions for physically handicapped/mentally retarded
  3. Co-operative Societies where the amount is lent on the same terms and conditions as are applicable to State owned Corporations for the Welfare of SC/ST. 
  4. State Corporations for SCs/STs.
 
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